It took a while, but it was worth the wait when special-purpose acquisition company (SPAC) Switchback Energy Acquisition brought ChargePoint (NYSE:CHPT) to the public for trading on March 1. Since that day, there has been plenty to talk about when it comes to CHPT stock.

For one thing, the stock’s price action has been very interesting (more on that later).

There’s also the $1.9 trillion U.S. stimulus bill to consider. While that bill didn’t specify funds for charging stations in particular, there may be a reason to anticipate legislation supporting the build-out of charging infrastructure.

Finally, there’s a fiscal data report that should impress even the staunchest bears out there. So, strap in and get ready to charge up your portfolio with a major player in the electric vehicle charging port niche.

Here’s a closer look at why ChargePoint stock is worth considering.

CHPT Stock at a Glance

Before there was CHPT, there was SBE stock. SBE traded close to the $10 level for a number of months in 2020.

But then, in mid-September, the bulls started to show signs of life. In October, they pushed the share price up to the $14 area.

That was already a sizable gain, but there was much more to come. Amazingly, the stock price ramped up to $35 in November, and even touched a 52-week high of $49.48 on Dec. 24.

Unfortunately, that turned out to be a short-term peak. By March 1 of this year, when the stock began trading as CHPT stock, the share price had declined to $30.

And, on the morning of March 15, the stock was below $30. So, if you’ve been hesitating to buy the shares, you may have a chance to start a position at a more favorable price point.

An Ambitious Promise

As I alluded to earlier, the $1.9 trillion stimulus package doesn’t appear to specifically allocate funding for charging ports. That might be disappointing for CHPT stockholders.

Just keep in mind, however, that investing is a marathon, not a sprint. The U.S. government could still push for green energy initiatives involving charging stations sometime this year.

Now that the Democratic Party has a nominal majority in both chambers of Congress, President Joseph Biden has a fairly clear pathway to pass renewable energy policies.

In fact, Biden has promised to build 500,000 new charging plugs in the U.S. over the next decade.

Economics consulting firm The Brattle Group projects that the number of electric vehicles in the U.S. could increase to 35 million by 2030. Moreover, the firm asserts that this would require more than 2 million public chargers.

Therefore, Biden’s promise of 500,000 new chargers might not be enough.

Impressive Revenue Growth

Don’t be surprised if Biden changes that number to something more ambitious at some point — which would, of course, be bullish for the charging port market and for ChargePoint stock.

Yet, investors won’t have to wait that long to see ChargePoint earning strong revenues.

Indeed, the company recently released fiscal data that indicates that it is already posting strong revenue growth.

As the company reports, for the fiscal year that ended on Jan. 31, 2021, ChargePoint’s revenues totaled $146.5 million. That’s an improvement over the $144.5 million in revenues generated during the prior-year period.

Plus, it should only get better in the coming year. For fiscal 2022, ChargePoint expects revenues of $195 million to $205 million.

That would be consistent with the company’s previously published estimates, and would also indicate 37% year-over-year growth at the midpoint.

Moreover, ChargePoint is in a solid capital position. As of Feb. 26, the cash on the company’s balance sheet was $615 million.

The Takeaway

Today, CHPT stock is publicly available for trading, and ChargePoint remains a premier player in the charging infrastructure space.

And if the share price has come down from its recent peak, that’s an opportunity to start a position if you’ve been sitting on the sidelines.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.

Louis Navellier had an unconventional start, as a grad student who accidentally built a market-beating stock system — with returns rivaling even Warren Buffett. In his latest feat, Louis discovered the “Master Key” to profiting from the biggest tech revolution of this (or any) generation.